Actually, A Recession Might Be A Win For Homebuyers
More than 60% of respondents to a Realtor.com survey said they see a recession on the horizon, and nearly 30% said that an economic downturn could present a homebuying opportunity.
A recession could mean lower mortgage rates and fewer competitive bidders, the report said.
Potential buyers saw several obstacles to a home purchase, including limited inventory and credit qualifications. But a majority said a recession wouldn't deter their efforts to buy a home.More than half of homebuyers are worried that a recession is on the horizon. But for some, an economic downturn could be the perfect homebuying opportunity.
About than 60% of potential homebuyers in Realtor.com's quarterly survey said they see a recession coming within the year. However, nearly 30% of them think an economic downturn would make it easier for them to buy a home.
'While concerns are definitely present, some buyers anticipate that a downturn can bring opportunity,' said Danielle Hale, chief economist at Realtor.com.
They see key homebuying incentives during a recession, including mortgage rates that are likely to be lower than current levels, as well as less competition from other buyers.
The survey showed that homebuyers are often more concerned about their own financial situation than the overall economic conditions. More than 54% said that a recession would not impact their homebuying decisions, while only 15% said an economic downturn would deter them from purchasing a home.
'Well-prepared buyers who have been waiting on the sidelines are likely motivated by personal and lifestyle needs like growing families, new jobs, or retirements," Hale said. "And these considerations can outweigh short-term economic uncertainties,'
While a worsening economy could create challenges, the survey showed that potential buyers are already having a difficult time under current economic conditions.
They said the biggest obstacle was the limited number of available properties to choose from—44% cited limited inventory as a major concern. Available home listings have improved recently, but they were still more than 16% below the historical average. Budgetary constraints were a top concern for 36% of buyers, while others said credit availability and mortgage qualifications were big challenges.
However, many homebuyers didn't mention competition from other buyers. Only about 8% said that tough bidding was hurting their homebuying efforts.
'This trend aligns with increased time on market, a moderate rise in listings, and more stable pricing; all of which point to a slower, less stressful home search experience,' the report said.
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